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Discover Ludwig"economic catastrophe" is correct and usable in written English.
You can use it when referring to a sudden, large-scale economic event that has negative consequences. For example, "The subprime mortgage crisis of 2008 was an economic catastrophe that destabilized the global economy."
Exact(59)
Economic catastrophe in Greece.
It's about recovering from this economic catastrophe unleashed by eight years of Republican economics.
Did this prevent economic catastrophe?
"That scenario would mean an economic catastrophe".
Slightly less visible is the economic catastrophe.
Putin's economic program, he said, is "leading to economic catastrophe".
They offer a portrait of an economic catastrophe.
It should no longer be an economic catastrophe for employers.
Greece has been suffering an economic catastrophe since 2010.
Today, they returned to warn of economic catastrophe.
Similar(1)
This would be a global humanitarian, environmental and economic catastrophe--and a point of no return.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com